Top Democrats call for investigation into share-buying spree by Trump allies | US Congress
Two other senior Democrats have called for an investigation into a stock-buying spree by two fossil fuel billionaires with close ties to the Trump administration, after a Guardian investigation raised questions about possible wrongdoing.
Robert Pender and Michael Sabel, founders and co-chairmen of Venture Global, a liquefied natural gas (LNG) company headquartered in Virginia, purchased more than 1 million shares worth nearly $12 million each in March. The transactions came just days after a meeting with senior White House officials, who then issued a key regulatory permit that helped expand the company’s business in Europe.
Ron Wyden, ranking member of the Senate Finance Committee and ranking member of the Energy and Natural Resources Committee, said the transactions should be investigated, drawing parallels with previous Trump administration controversies.
“Corrupt pay-to-play schemes are at the heart of everything the Trump administration does,” Wyden said. “There is no doubt in my mind that these new LNG transactions should be investigated so that the American people know the full extent of Trump’s corruption and abuse of power.”
Wyden said investigators found in 2020 that Trump’s energy secretary inappropriately pressured a state-owned Ukrainian natural gas company to benefit campaign donors, and added that neither Trump nor his energy team had to answer for the abuse.
Sen. Chris Van Hollen echoed those concerns about possible conflicts of interest.
“The Trump administration’s blatant reliance on cronyism and pay-to-play politics knows no bounds. It is clear that they are lining the pockets of billionaires at the expense of American workers,” said Van Hollen, a senator from Maryland, a member of the Senate Banking Committee and ranking member of the Appropriations subcommittee that oversees the Securities and Exchange Commission and the Justice Department.
“These investments absolutely deserve further investigation.”
Van Hollen and Wyden’s intervention comes days after Jeff Merkley, a senior Democratic member of the Senate Appropriations and Budget committees, told the Guardian that the stock trades should be investigated for potential wrongdoing.
“Dirty oil and gas dollars are fueling the Trump administration, which should outrage us all. This latest report describes a pattern of paid donations and favorable actions by the administration,” Merkley said. “The timing of stock transactions certainly merits investigation for possible conflicts of interest and insider trading.”
All parties involved have denied any wrongdoing.
Sabel was among about 20 people who attended an April 2024 event at Trump’s private club, Mar-a-Lago, when the US president reportedly demanded $1 billion in campaign donations from the fossil fuel industry in exchange for favorable legislation. Venture Global was among the “top donors” to Trump’s inauguration, donating $1 million, according to the Wall Street Journal.
People linked to Venture Global have spent $860,000 on Capitol Hill lobbying in 2024, and another $810,000 so far this year, according to OpenSecrets, a nonprofit campaign finance watchdog. That’s more than 12 times the previous high of $70,000 reached in 2019.
“This is why we need to get money out of politics,” said Ro Khanna, a Democratic Rep. from California and a member of the House Oversight and Accountability Committee, who is leading the effort with Rep. Summer Lee to ban Super Pacs.
“LNG exports will raise energy prices for American families and businesses. If Trump is truly concerned about the affordability crisis, he should ban them and prioritize people over greedy fossil fuel executives,” Khanna added.
Billionaire Republican donors took Venture Global public three days after Trump’s inauguration in January. The weeklong stock purchase came days after a meeting with members of Trump’s cabinet, including Energy Secretary Chris Wright, who days later granted the company an export license critical to its European expansion plans.
In response to the Guardian’s findings, a Venture Global spokesperson said last week that the stock acquisitions were “fully compliant with SEC rules and regulations” and that the company “strictly complied with all laws, rules and regulations relating to our interactions with government officials.”
The company did not respond to multiple requests for comment on growing calls on Capitol Hill for an investigation into the Guardian’s findings.
White House press secretary Karoline Leavitt told the Guardian: “The president has never and will never engage in conflicts of interest. »
On his first day back in the White House, Trump issued an executive order rolling back regulations favoring fossil fuel production, including LNG export licenses, while repealing existing climate and clean energy policies. He also withdrew the United States from the global climate action treaty, the Paris Agreement, and boycotted UN climate negotiations this year.
Yet 2025 is on track to become the third hottest year on record, with catastrophic floods, fires and extreme temperatures killing Americans and causing billions of dollars in damage across the United States. Energy bills are rising across the United States, with electricity bills increasing by more than 15% in 10 states as well as the District of Columbia.
The price rise is mainly due to the rising cost of fossil gas, utilities passing on the cost of upgrade investments to consumers, and the rapid and uncontrolled growth of AI and crypto data centers, which is increasing electricity demand.
In response to questions from the Guardian, Leavitt said: “The president has never engaged, and will never engage, in conflicts of interest. »
